MIAMI, Jan. 3, 2006 (PRIMEZONE) -- Aventura Holdings, Inc. (OTCBB:AVNT) (Frankfurt:WKN#570891) ("Aventura") filed a lawsuit against T. Joseph Coleman, Peter Klamka, RTV Media Corp., The Coleman Family Trust, Vega 7 Entertainment and Wilshire Capital LTD. in the U.S. District Court in the Southern District of Florida. Aventura asserts that shortly before resigning as Officers and Directors of Aventura, T. Joseph Coleman and Peter Klamka issued Company shares to themselves and their affiliated entities absent ascertainable consideration.
As a Business Development Company, Aventura is governed under the Investment Company Act of 1940 which forbids issuing Company shares for services. Prior Management has suggested that the consideration was not cash or payment but services, conflicting with Section 23a of the Investment Company Act of 1940, the acceptance of which services would be in violation of such Federal law governing investment companies.
Aventura's lawsuit seeks return of improperly issued shares, judgment for amounts due, court costs and such other and further relief as the Court may deem proper.
About Aventura
Aventura Holdings, Inc. is a Business Development Company operating as an investment holding company. Aventura acquires and invests its assets to build an investment portfolio and enhance shareholder value. Aventura's mission is to provide capital and advisory services for management buyouts, recapitalizations, and the growth and capital needs of emerging companies. As a BDC, Aventura is positioned to raise capital for acquisitions and investments in a more efficient manner and to develop and expand its business interests. Although Aventura is currently concentrating its investment strategies in the telephony sector, plans are underway to divest from telephony and expand its potential acquisitions and investments to other lines of business and industry.
Safe Harbor
This press release may contain "forward-looking statements." Although Aventura Holdings, Inc. believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Aventura Holdings, Inc. assumes no obligation to update those statements to reflect actual results, changes in assumptions and other factors. The forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. Additional information that could lead to material changes in performance is contained in filings with the Securities and Exchange Commission.